{"id":2086374,"date":"2023-11-01T07:44:03","date_gmt":"2023-11-01T11:44:03","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bankman-frieds-prospects-for-exoneration-look-dim-as-defense-winds-up-case-legal-expert-says\/"},"modified":"2023-11-01T07:48:30","modified_gmt":"2023-11-01T11:48:30","slug":"bankman-frieds-prospects-for-exoneration-look-dim-as-defense-winds-up-case-legal-expert-says","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bankman-frieds-prospects-for-exoneration-look-dim-as-defense-winds-up-case-legal-expert-says\/","title":{"rendered":"Legal expert predicts slim chances of exoneration for Bankman-Fried as defense concludes case."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">26<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fbankman-frieds-prospects-for-exoneration-look-dim-as-defense-winds-up-case-legal-expert-says%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2086374&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><blockquote>\n<div class=\"my-5\">\n<h2>News Analysis<\/h2>\n<p>Sam Bankman-Fried\u200d once again tried to evade responsibility for the cryptocurrency exchange FTX&#8217;s catastrophic collapse and the loss \u200bof billions\u200b of dollars in customer funds during\u2062 his testimony \u200bin a \u200dManhattan\u200c federal court on Wednesday.<\/p>\n<\/div>\n<div class=\"my-5\">\n<p>His risky decision to take the stand and \u2062his \u200dlegal maneuvers during questioning about his actions as head of FTX have little chance of swaying the outcome of the trial, according to a business law expert.<\/p>\n<h2>Going Out on a Limb<\/h2>\n<p>The\u200c final round of Bankman-Fried&#8217;s testimony revealed some surprising revelations and \u200bpredictable claims.<\/p>\n<\/div>\n<div class=\"shortcode\">\n<div class=\"border-comp-divider mb-4 mr-4 w-full max-w-[500px] border px-5 py-4 text-[16px] leading-[20px] text-[#262626] md:float-left\" id=\"in_article_related_stories\">\n<h2 class=\"mb-3 font-sans text-[16px] font-semibold uppercase leading-[19px] text-[#2F2F2F]\">Related Stories<\/h2>\n<div class=\"mb-4 flex gap-2\">\n<div class=\"grow\">\n<div class=\"mb-1 line-clamp-4 sm:line-clamp-3\">\n<a href=\"http:\/\/www.theepochtimes.com\/us\/<a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/ron-desantis-will-explore-cryptocurrency-payments-for-businesses-state-fees\/\" title=\"Ron DeSantis Will Explore Cryptocurrency Payments for Businesses' State Fees\">bankman-fried<\/a>-testimony-in-ftx-trial-finally-gets-underway-5517698?ea_src=author_manual&#038;ea_med=related_stories&#8221;><\/p>\n<h3 class=\"text-sm sm:text-base\">Bankman-Fried Testimony in\u2063 FTX Trial Finally Gets \u2064Underway<\/h3>\n<p><\/a>\n<\/div>\n<div class=\"text-comp-caption text-[14px] leading-[18px]\">10\/26\/2023<\/div>\n<\/div>\n<div class=\"shrink-0 basis-[70px] sm:basis-[120px]\">\n<a href=\"http:\/\/www.theepochtimes.com\/us\/bankman-fried-testimony-in-ftx-trial-finally-gets-underway-5517698?ea_src=author_manual&#038;ea_med=related_stories\">\n<picture><source type=\"image\/webp\" https:><\/source><source type=\"image\/jpeg\" https:><\/source><\/picture>\n<\/a>\n<\/div>\n<\/div>\n<div class=\"mb-4 flex gap-2\">\n<div class=\"grow\">\n<div class=\"mb-1 line-clamp-4 sm:line-clamp-3\">\n<a href=\"http:\/\/www.theepochtimes.com\/article\/why-bankman-frieds-ftx-fraud-trial-isnt-going-his-way-5510043?ea_src=author_manual&#038;ea_med=related_stories\"><\/p>\n<h3 class=\"text-sm sm:text-base\">Why Bankman-Fried&#8217;s\u2064 FTX Fraud Trial Isn&#8217;t Going His Way<\/h3>\n<p><\/a>\n<\/div>\n<div class=\"text-comp-caption text-[14px] leading-[18px]\">10\/18\/2023<\/div>\n<\/div>\n<div class=\"shrink-0 basis-[70px] sm:basis-[120px]\">\n<a href=\"http:\/\/www.theepochtimes.com\/article\/why-bankman-frieds-ftx-fraud-trial-isnt-going-his-way-5510043?ea_src=author_manual&#038;ea_med=related_stories\">\n<picture><source type=\"image\/webp\" https:><\/source><source type=\"image\/jpeg\" https:><\/source><\/picture>\n<\/a>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p>Bankman-Fried repeated \u200dfamiliar claims, blaming his former\u200c girlfriend\u2062 and colleagues for the liquidity crisis and loss \u2064of funds \u200cat FTX and Alameda \u200dResearch.<\/p>\n<p>However, his defense strategy is unlikely to surprise anyone who has followed the \u2064trial closely.<\/p>\n<div class=\"my-5\">\n<p>A surprising revelation came from a <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bankman-frieds-prospects-for-exoneration-look-dim-as-defense-winds-up-case-legal-expert-says\/\" title=\"Legal expert predicts slim chances of exoneration for Bankman-Fried as defense concludes case.\">sidebar huddle involving<\/a> the defense, \u200cprosecution, and the judge. The defense attempted to introduce \u2063a passage from Michael Lewis&#8217;s book,\u2062 <em>Going Infinite<\/em>, as evidence. The passage quoted Bankman-Fried denying \u2064any\u200b wrongdoing in\u2062 running FTX.<\/p>\n<\/div>\n<p>The judge rejected the\u2063 presentation of this hearsay evidence, indicating the defense&#8217;s desperation and the diminishing prospects of exonerating Bankman-Fried \u200bthrough traditional\u2063 witness testimony.<\/p>\n<div class=\"post-figure\">\n<figure style=\"width:600px\" class=\"alignnone\"><figcaption>FTX founder Sam Bankman-Fried leaves the \u2063U.S. federal courthouse\u2062 in New York, on \u2063March \u206230, 2023. (Ed \u2063Jones\/AFP via\u2064 Getty Images)<\/figcaption><\/figure>\n<\/div>\n<div class=\"my-5\">\n<h2><strong>&#8216;An\u2062 Open-and-Shut Case&#8217;<\/strong><\/h2>\n<p>The defense&#8217;s desperate\u2064 tactics suggest that the outcome of the trial is not\u2063 in doubt, according to Charles Steele, an economics\u200d and business expert.<\/p>\n<\/div>\n<p>Steele believes that Bankman-Fried diverted clients&#8217; funds, which amounts to theft, and his claims of ignorance and lack of oversight expose him to serious \u200ccharges of \u2063mismanagement and negligence.<\/p>\n<div class=\"my-5\">\n<p>&#8220;Bankman-Fried admits he had no idea what he \u2063was doing. He completely abandoned his fiduciary \u2062responsibilities to his clients,&#8221; said Steele.<\/p>\n<h2><strong>Unanswered Questions<\/strong><\/h2>\n<p>While many see the \u2063FTX \u200ccase \u2062as a tale\u200c of a\u2062 young man&#8217;s incompetence leading to a cryptocurrency \u200dexchange collapse, Steele believes there are more sinister aspects to consider.<\/p>\n<\/div>\n<p>Steele points out Bankman-Fried&#8217;s political connections and suggests that his actions may have involved money laundering.<\/p>\n<p>As the trial \u200cnears its conclusion,\u2062 the full truth about \u2064the FTX\u2062 scheme and Bankman-Fried&#8217;s rise and fall remains uncertain.<\/p>\n<p>&#8220;I\u200b wonder\u2063 if we will ever\u200d know the full truth about the \u200bFTX scheme,&#8221; said Steele.<\/p>\n<\/blockquote>\n<p> <\/p>\n<h2> Why is it\u2063 important to examine the evidence and facts surrounding the collapse \u2062of FTX and not dismiss \u2062Bankman-Fried&#8217;s claims as mere scapegoating<\/h2>\n<p><span>  Class=&#8221;my-5&#8243;><\/p>\n<h2>An Attempt to Shift Blame<\/h2>\n<p>Sam Bankman-Fried once again tried to evade responsibility for the cryptocurrency exchange FTX&#8217;s catastrophic collapse and the loss of billions of dollars in customer funds during his testimony in a Manhattan federal court on Wednesday.<\/p>\n<\/div>\n<div class=\"my-5\">\n<p>His risky decision to take the stand and his legal maneuvers during questioning about his actions as head\u2062 of FTX have little chance of swaying the outcome of the trial, according to a business law expert.<\/p>\n<h2>Going Out on a Limb<\/h2>\n<p>The final round of Bankman-Fried&#8217;s testimony revealed some surprising \u200drevelations and predictable claims.<\/p>\n<\/div>\n<p>Bankman-Fried repeated familiar claims, blaming his former girlfriend and colleagues\u2063 for the liquidity crisis and loss of funds at FTX and Alameda Research.<\/p>\n<p>However, his defense strategy is unlikely to surprise anyone who\u200d has \u2064followed the trial closely.<\/p>\n<div class=\"my-5\">\n<p>While Bankman-Fried&#8217;s attempt to <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/psaki-attacks-trump-claims-influx-of-migrants-began-under-trump-exacerbated-by-destructive-and-chaotic-policies\/\" title=\"Psaki Attacks Trump, Claims \u2018Influx Of Migrants\u2019 Began Under Trump, \u2018Exacerbated\u2019 By \u2018Destructive And Chaotic Policies\u2019\">shift blame<\/a> is a common tactic \u200cin legal proceedings, it is important to examine the evidence and facts surrounding \u200cthe collapse of FTX and the subsequent loss\u200b of customer funds.<\/p>\n<p>Bankman-Fried&#8217;s claims may seem plausible on the\u200d surface, but it is essential to consider the role \u200bhe played as the head of FTX and the decisions he made that ultimately led to the downfall of the exchange.<\/p>\n<p>One cannot ignore the fact that Bankman-Fried was in a position of \u200dpower and responsibility, with the ability to make\u2063 crucial decisions that directly impacted the financial well-being of FTX&#8217;s customers.<\/p>\n<p>Furthermore, the testimony of his former girlfriend\u2064 and colleagues should not be dismissed as mere \u2063scapegoating. Their accounts and evidence may <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-randomly-makes-up-story-about-being-born-in-same-hospital-his-grandfather-died-at-weeks-prior\/\" title=\"Biden Randomly Makes Up Story About Being Born in Same Hospital His Grandfather Died at Weeks Prior\">provide valuable insights<\/a> into the events\u2064 that transpired and \u200dshed light on Bankman-Fried&#8217;s actions and <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/listen-elon-musk-presses-robinhood-ceo-about-gamestop-fiasco-restricted-trading\/\" title=\"LISTEN: Elon Musk Presses Robinhood CEO About GameStop Fiasco, Restricted Trading\">decision-making process<\/a>.<\/p>\n<div class=\"shortcode\">\n<div class=\"border-comp-divider mb-4 mr-4 w-full max-w-[500px] border px-5 py-4 text-[16px] leading-[20px] text-[#262626] md:float-left\" id=\"in_article_related_stories\">\n<h2 class=\"mb-3 font-sans text-[16px] font-semibold uppercase leading-[19px] text-[#2F2F2F]\">Related Stories<\/h2>\n<div class=\"mb-4 flex gap-2\">\n<div class=\"grow\">\n<div class=\"mb-1 line-clamp-4 sm:line-clamp-3\">\n<p><a href=\"http:\/\/www.theepochtimes.com\/us\/bankman-fried-testimony-in-ftx-trial-finally-gets-underway-5517698?ea_src=author_manual&#038;ea_med=related_stories\"><\/p>\n<h3 class=\"text-sm sm:text-base\">Bankman-Fried\u2062 Testimony in FTX Trial Finally Gets Underway<\/h3>\n<p><\/a><\/p>\n<\/div>\n<div class=\"text-comp-caption text-[14px] leading-[18px]\">10\/26\/2023<\/div>\n<\/div>\n<div class=\"shrink-0 basis-[70px] sm:basis-[120px]\">\n<p><a href=\"http:\/\/www.theepochtimes.com\/us\/bankman-fried-testimony-in-ftx-trial-finally-gets-underway-5517698?ea_src=author_manual&#038;ea_med=related_stories\"><\/p>\n<picture><source type=\"image\/webp\" https:><\/source><source type=\"image\/jpeg\" https:><\/source><\/picture>\n<p><\/a><\/p>\n<\/div>\n<\/div>\n<div class=\"mb-4 flex gap-2\">\n<div class=\"grow\">\n<div class=\"mb-1 line-clamp-4 sm:line-clamp-3\">\n<p><a href=\"http:\/\/www.theepochtimes.com\/article\/why-bankman-frieds-ftx-fraud-trial-isnt-going-his-way-5510043?ea_src=author_manual&#038;ea_med=related_stories\"><\/p>\n<h3 class=\"text-sm sm:text-base\">Why Bankman-Fried&#8217;s FTX Fraud Trial Isn&#8217;t Going His Way<\/h3>\n<p><\/a><\/p>\n<\/div>\n<div class=\"text-comp-caption text-[14px] leading-[18px]\">10\/18\/2023<\/div>\n<\/div>\n<div class=\"shrink-0 basis-[70px] sm:basis-[120px]\">\n<p><a href=\"http:\/\/www.theepochtimes.com\/article\/why-bankman-frieds-ftx-fraud-trial-isnt-going-his-way-5510043?ea_src=author_manual&#038;ea_med=related_stories\"><\/p>\n<picture><source type=\"image\/webp\" https:><\/source><source type=\"image \n<\/p>\n","protected":false},"excerpt":{"rendered":"<p>trial was ongoing, only further highlighted his lack of accountability. Bankman-Fried&#8217;s attempt to shift blame and evade consequences for the collapse of FTX raises serious concerns about the integrity and trustworthiness of the cryptocurrency industry as a whole. It is crucial that regulators and investors remain vigilant in holding individuals like Bankman-Fried accountable for their actions.<\/p>\n","protected":false},"author":669,"featured_media":2086375,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[543],"tags":[],"class_list":["post-2086374","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-epoch-times"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2086374","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/669"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2086374"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2086374\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2086375"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2086374"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2086374"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2086374"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}